Which reminds me…
I had the same small toaster oven for years and years. When I got married, that trusty bread-warmer helped me welcome my cooking-challenged wife into the kitchen.
She used it like a pro.
But the death throes of that handy machine were pronounced. The clues were there. It was tired after a long productive life. (Yes, I like toast.) Poor smoky dear nearly started a fire on its last day of service.
Appliances aren’t supposed to do that.
Pink slip from HR, security at the ready, pack your things… My (our) trusty toaster was promptly escorted from the building.
Of course, it didn’t take long for the relentless call of toast and bagels to demand a replacement. The counter was clean and ready.
I bought a mothership of a new toaster oven.
Although it was the shiny display model which captured my imagination, the box I brought home was unwieldy, so it triggered the dreaded what-have-you-done look from my lovely wife.
Didn’t take too long before it won her over.
New capabilities had emerged: Three bagels, sliced in two, lying flat in the fiery orange zone, could be cooked all at the same time. It was miraculous. The exact same time. Now we’d be ready.
This toaster practically cleared the way for us to bring our cinnamon-bagel-loving daughter into the world.
We can all eat breakfast together.
But one day, this semi-massive appliance with its door frame that reaches lava-like temperatures burned my finger. Not a lot. Just enough to make me think my wife was right. Was this…too large for our kitchen?
Will it regularly scorch me for my shopping hubris?
No. That was the one and only time this majestic appliance burned me.We still have this powerhouse now. Wouldn’t trade it for anything.
So, here’s the crypto lesson: If you buy something too big (i.e., your Bitcoin allocation) and you get burned, learn from your risk and mistakes you’ve made, and move on. Does that mean you dump your holdings and assume you missed the rocket ship? Everyone else is happy and heading off to Mars, and you’re here trying to run a recycling center for the left-behinds… Nope.
If your purchase of any cryptocurrency was at least partially thoughtful and considered—but perhaps too big—and the frame of it burns your hand reaching toward the promise of generation wealth, ask yourself this: Do you still want toast? Do you think it might be nice to make toast in the future? Would you feel investor’s regret if the march higher continued again later in the year, but you were on the sidelines with no position. No plan for breakfast in the years to come.
Learn your lesson. You got burned. Others too. Be more careful. When your sizing catches up to your overall risk tolerance, maybe even dollar-cost-average and carefully add a little more to your holdings.
But that doesn’t change the big picture.
More toast is coming.